Income Tax Calculator for FY 2018-19 [AY 2019-20] – Excel Download

Budget 2018 has made some changes to Income tax for individual. There has been no changes in the income tax slab, however there have been some changes related to salaried/pensioner tax payers and senior citizens. We highlight the changes and give you the new tax calculator for FY 2018-19 [AY 2019-20].

3.Standard Deduction of Rs 40,000 to Salaried and Pensioners. However transport allowance (Rs 19,200 per annum) and medical reimbursement of Rs 15,000 has been abolished. So the net benefit for salaried would be Rs 5,800 only bringing marginal relief. However Pensioners would gain as they did not have transport & medical allowance.

4.10% Long Term Capital Gains Tax on Equity and Equity based Mutual Funds introduced.

I am retired Bank employee. But I am not getting any pension. I am P F optee. My lively hood is going on interest earned on my FDs. I am filing my IT returns every year promptly. Whether I am eligible to claim standard deduction of Rs.40000.00 for the FY 2018-2019.

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Disclaimer

The website is not affiliated to any company, agent or brokers for selling/ recommending investments. All the information in the blog is for educational and informational purpose only. Please consult a qualified financial planner and do your own due diligence before making any investment decision.